Major United States-based payment processor PayPal has announced its PYUSD stablecoin is now available on Venmo.
In a Sept. 20 blog post, the payments firm said PayPal USD (PYUSD) — the company’s stablecoin pegged to the U.S. dollar — is already available to Venmo users and will be “rolling out fully in the coming weeks”. The news came roughly six weeks after PayPal announced the launch of the stablecoin, saying at the time it would be issued by Paxos Trust and fully backed by U.S. dollar deposits, short-term Treasuries and similar cash equivalents.
“PYUSD is already present in native crypto experiences, and continues to be made more broadly available as the ecosystem grows,” said PayPal. “In the few weeks since its launch in the open market, PYUSD is already present on select exchanges including Crypto.com, Bitstamp, Coinbase, and Kraken.”
PayPal USD issued by Paxos is now available on @Venmo to select users and will be rolling out fully in the coming weeks!@PayPal USD is unlocking the future of money movement. Learn more here: https://t.co/qgDagf5kB5 pic.twitter.com/9yEszDNJQG
— Paxos (@Paxos) September 20, 2023
Related: PayPal’s new PYUSD stablecoin faces legal headwinds and ‘less functionality’
Blockchain analytics firm Nansen reported in August that roughly 90% of PYUSD was held in wallets controlled by Paxos Trust. Crypto firm BitPay announced on Sept. 12 that it would be adding support for PYUSD, citing “payment utility and community involvement.”
PayPal has been making steady inroads into the crypto space, accepting digital assets payments in 2021 and establishing on- and off-ramps for Web3 payments in 2023. The New York State Department of Financial Services included PYUSD on its greenlist of coins approved by the regulator.
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